Gold price may jump by Rs 700 per 10gm after import duty hike
"This decision will boost smuggling and parallel economy and the government is not going to gain anything from this as the money will be paid in hawala. In fact the government will lose on its revenue," he cautioned.
Mumbai Jewellers Association Vice President Kumar Jain said the 2 per cent hike in import will have negative impact in the gold industry.
"It will make gold more costly for the common man. There is an immediate rise in retail price by Rs 600 per 10 grams," Jain said.
Analysts tracking the sector said the gold prices will rise by Rs 600 per 10 gram, leading to fall in imports and consumption in the short term.
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